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what is the different between CST , VAT, and Excise Duty ?
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Answer / bhargav
CST is applicable where the two states deals.
VAT is applicable within the state.
Excise duty is applicable for inland transactions from
manufacturing to finished goods.
custom duty is applicable to relieve the goods from border.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / vijay kumar
Understanding Excise Duty, Sales Tax, VAT, and Customs Duty StructureIndia's excise duties, sales taxes, VAT, and customs duties are all similar in the way that they are set up and calculated. All are tied closely to the location where business is conducted and have a tax determination structure that is influenced by common factors.
Excise duty, sales tax, VAT, and customs duty calculation methods are similar in that they can be calculated based on percentage, quantity, or ad hoc amount, and they require the calculation of multiple taxes and tax lines for each tax type. The excise duty, sales tax, VAT, and customs duty structure is designed to be flexible enough to accommodate changes that may impact rate determination resulting from changes to excise, sales, customs, and VAT statutes and legislation.
Various business rules exist for determining the basis on which taxes are calculated. Accordingly, you can define the elements that form the basis on which tax is calculated, and define the tax calculation scheme. You define how accounting entries are created for excise duties, sales taxes, VAT, and customs duty, as well as how inventory values are updated with nonrecoverable taxes.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / dhiraj singh
CST or Central Sales Tax is charged when there is Sale or
Purchase transaction between two or more states. Its also
known Inter State Sales.
VAT or Value Added Tax is charged when there is Sale or
Purchased transaction held with in a state. Its also known
Intra State Sales.
Excise Duty is charged in Import and Export.
| Is This Answer Correct ? | 35 Yes | 61 No |
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